Dr. David Winter reports

HORIZON PETROLEUM LTD. ANNOUNCES $500,000 FULLY SUBSCRIBED CONVERTIBLE DEBENTURE ADDITIONAL FINANCING

Horizon Petroleum Ltd. has launched a fully subscribed financing of convertible debentures. The convertible debenture financing takes the form of a private placement offering in the aggregate principal amount of up to $500,000 of secured convertible debentures at a price of $1,000 per debenture. The convertible debenture will be secured and ranking on default in fifth position behind the currently issued convertible debentures due on Dec. 19, 2027, Dec. 29, 2027, and Feb. 27, 2028, and April 28, 2028.

The use of proceeds is to pay costs of the workover and production testing of the Lachowice 7 gas well, pay work program obligations in the Cieszyn concession, and provide working capital for general corporate purposes in Poland and in Canada."

The debentures bear interest from the applicable issuance date at 7 per cent per annum until the date that is 36 months following the closing date. The closing date is anticipated to be on or about July 15, 2026. The principal amount of the debentures can be convertible into units of the company at the option of the holder at any time prior to the close of business on the last business day immediately preceding the maturity date, at a conversion price of 20 cents per unit, subject to adjustment in certain events.

Each unit comprises: (i) one common share of the company; and (ii) one-half of one common share purchase warrant. Each warrant will be exercisable to acquire one common share at an exercise price of 40 cents per common share, subject to adjustment in certain events, until 36 months from the Debenture closing date.

Closing remains subject to the approval of the TSX Venture Exchange.

The company may pay finders' fees or commissions for this transaction of up to 7 per cent in cash and 7 per cent in warrants.

The closing of the offering is subject to the satisfaction of customary conditions, including the approval of the TSX-V. All securities issued under the offering remain subject to a statutory four-month hold period.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of conventional oil and natural gas resources onshore Europe. Horizon holds two concessions in Poland, which contain significant undeveloped natural gas discoveries. The company's initial focus is to commence development of the Lachowice gas field in the Bielska-Biala concession. The management and board of Horizon consist of oil and natural gas professionals with significant international experience.

We seek Safe Harbor.